National Buildings Construction Corporation (NBCC) witnessed a rise in share price on Thursday after the company said that all India Institute of Medical Sciences (AIIMS) has issued letter of award to NBCC for the re-development of AIIMS Western Campus & Ayurvigyan Nagar, New Delhi involving construction of 3000 flats in 2.5 years time with the financial implication of Rs 58.28 billion.

The revenue generation for commercial viability of the project would be met by selling 10% of area. NBCC would be charging 10% of the final project cost as PMC fee and 1 percent for the marketing expenses on total fund realization from the sale/lease of built up area.

This proposal has been duly recommended in -principle by the Standing Finance Committee of AIIMS in its 209th meeting. MOU with NBCC will be signed after the project approval by the Union Cabinet.

Shares of the company are trading at Rs 1,016.00, up Rs 20.55, or 2.06% at the Bombay Stock Exchange (BSE) on Thursday at 10:42 a.m.

Total volume of shares traded on the bourses today was higher by 14.75% to 272,271 compared with 22-day average volume of 237,274.